As buzz phrases go, "the NFT is the new cookie" is getting some traction in enterprise blockchain circles because of the incredible shrinking usefulness of cookies; bits of data that, when allowed into a user's desktop or mobile web browser, make it possible for web sites to build more personalized user experiences. But, as with many technologies that involve end-user benefits, cookies are a double-edged sword that can also be used to invade a user's privacy.  Such invasions have led to privacy laws that have eroded if not fully stripped the cookie of its utility. Unlike cookies, however, non-fungible tokens (NFTs) are by their very nature permissioned. In other words, users are never unwilling recipients of an NFT the way they are with cookies or spam. As such, NFTs create new opportunities for high-fidelity relationships with customers. But seizing those opportunities is a different story.

To make NFTs work in this capacity, enterprises must first understand the role that blockchain plays in both the minting and ownership assignment of NFTs. As enterprise workflows go, the process is nearly as complicated if not more complicated than the way cookies work. The reason cookies experienced early success is that end users played little to no role in cookie engagement. Similarly, for businesses to unlock the promise of NFTs as the new cookies, they'll need to be friction-free from the customer's perspective.

According to Niftmint founder and CEO Jonathan G. Blanco, "As with any form of industry revolution, it's all about how things become more simple. It's not like 'We created this new industrial revolution and now things are more difficult' so productivity is more complex." While at the NFT.NYC 2023 Conference in New York City, Blockchain Journal editor-in-chief David Berlind had a chance to speak with Blanco shortly after he finished his presentation on what it will take to onboard the first billion users to blockchain. One thing it won't take: is friction.

To watch the video version of this podcast or read its full-text transcript, go to:
https://blockchainjournal.com/interview/niftmint-looks-take-friction-out-enterprise-nft-deployment/

The video can also be watched on Blockchain Journal's YouTube Channel at https://www.youtube.com/watch?v=4e90hw-tqbo

Niftmint Looks To Take The Friction Out Of Enterprise NFT Deployment

During the NFT.NYC 2024 Conference in New York City, BlockchainJournal.com editor-in-chief David Berlind interviewed Jonathan G. Blanco, CEO and founder of Niftmint. The two discussed the evolution of his company and the challenges facing enterprises in the realm of tokenization. According to Blanco, Niftmint's namesake service is a blockchain-based tokenization platform that, among other things, allows organizations to offer digital versions or "twins" of their physical products to customers in a way that seamlessly integrates into existing non-blockchain e-commerce platforms. NFT-based strategies that involve this sort of "digital twinning" are referred to as "phygital" strategies.

One key feature of the platform that could appeal to businesses is that brands and customers do not have to transact with one another using cryptocurrencies in a way that's typical of many blockchain-based solutions. While Niftmint manages the crypto-specific nuances of using blockchain in the background, organizations and customers can transact with one another using fiat currency like the US dollar.

In the interview, Blanco explains the use case for tokenization of real-world assets (RWAs), particularly in the context of luxury brands like high fashion manufacturers. He explains how brands can offer customers NFT-based digital twins of the physical items they buy, thereby enhancing the consumer's overall brand experience and potentially mitigating issues like counterfeit products where the digital twin can serve as a blockchain-based (and therefore cryptographically secured) Certificate of Authenticity. But certificates of authenticity are simply one advantage of pairing individual NFTs with their real world counterparts. As Blanco explains, once a physical product is paired with something like an NFT that's programmable, all sorts of new experiences and business process efficiencies can be tied to that inventory item in a way that benefits manufacturers, marketers, consumers, and other product ecosystem stakeholders (wholesalers, retailers, etc). 

Blanco was a speaker at NFT.NYC, and in his presentation, he argued that current trends in artificial intelligence are driving a significant amount of distrust in the provenance of content and physical goods and that blockchain-based tokenization of both is the most obvious solution. As a result of AI, Blanco predicts a future where consumers will shift their spending to only those physical and digital products that involve a digital guarantee of provenance.

To watch the video version of this podcast or read its full-text transcript, go to:
https://blockchainjournal.com/interview/risks-posed-ai-could-drive-consumer-demand-blockchaintokenized-physical-and-digital-wares

The video can also be watched on Blockchain Journal's YouTube Channel at:
https://www.youtube.com/watch?v=j_BEGXQU6xI

Risks Posed by AI Could Drive Consumer Demand for Blockchain-Tokenized Physical and Digital Wares

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